LTCC board requests tax rate for Measure F | TahoeDailyTribune.com
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LTCC board requests tax rate for Measure F

Jack Barnwell
jbarnwell@tahoedailytribune.com

The Lake Tahoe Community College Board of trustees approved a request to the El Dorado County Board of Supervisors to levy a property tax to fund a reserve that would protect against fluctuating tax levies.

The levy would set a tax on all appropriate properties at a rate of $25 per $100,000 of assessed valuation.

Measure F bonds may be heading out to the market a little later than expected, according to Lake Tahoe Community College Vice President Jeff DeFranco.



DeFranco, on Tuesday, told LTCC Board of Trustees that the bond sales didn’t make the El Dorado Board of Supervisors agenda in time for the district to go out to market for approximately $19.5 million in bonds to fund capital improvement projects over the next few years.

The matter has been placed on the board of supervisors’ July 14 agenda for consideration.



The general obligation bonds received high ratings from both Standard & Poor’s and Moody’s Investment Service, two of the top rating agencies in the U.S.

DeFranco said the college will keep an eye on debt management policies and general fund reserves, which can determine a bond’s rating. A bond’s rating in turn plays into interest rates the district pays on the loans.

“They were looking at us saying our financial policies are good and feel good about financial management, but they’re still looking back at two or three tough years,” DeFranco said. “They’re very accurate so we have to show our financial management will play out over the next few years.”

He said he expects bond interests to be below 4 percent. The bond language states that interest levels cannot go above 8 percent.

Voters approved Measure F in November 2014, allowing LTCC to sell up to $55 million in bonds in order to update the college facilities and put in a place to attract more students.

The board of trustees approved a request to the El Dorado County Board of Supervisors to levy a property tax to fund a reserve, which would protect against fluctuating tax levies.

The levy would set a tax on all appropriate properties at a rate of $25 per $100,000 of assessed valuation.


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